Air Group has published its third half-year equity release provider ‘Temperature Check’ report, examining a number of key service measures, as experienced by advisers.
Over 200 smaller advisers who account for around 11% of the plans taken out in H1 2021 rated providers they had used on five key service areas and three net promoter factors.
In this third iteration of the ‘Temperature Check’, Air Group has outlined the top four in each category and for the first time a direct comparison can be made with the first report which covered H1 2020.
The top four in the Overall Category for H1 2021 were: more2life (8.18 out of 10), Legal & General (7.90), Canada Life (7.73) and Pure Retirement (7.50).
The top four in the Net Promoter Score Category were: more2life (83.73%), Canada Life (78.88%), Pure Retirement (72.62%), and Legal & General (71.73%).
However, the general theme for those providers making up the top four in each category is that scores (in the main) are down on H1 2020. Each score posted in the Ease of Application, Speed of Pre-Offer Process, Speed of Post-Offer Process and Communication categories were down this half-year, compared to the same period last year. There is no direct comparison available for Online Service as this aspect of the ‘Temperature Check’ was only introduced in H2 2020.
In the Would Recommend category, only more2life’s score improved; and in the Values My Business and Goes the Extra Mile category, only more2life and Just posted better scores.
The providers whose service levels were reviewed as part of the ‘Temperature Check’ in the second half of 2020 were: Aviva, Canada Life, Legal & General, LV=, Just, One Family, more2life and Pure Retirement.
Stuart Wilson, CEO at Air Group, said: “This is a very interesting iteration of our ‘Temperature Check’ report because, for the first time, it gives us a chance to compare the scores posted in this half-year, with those posted after the first six months of last year.
“It means that all providers rated in both this third iteration and our very first one, will be able to see whether there has been an improvement or there has been a drop back.
“Unfortunately, the numbers appear to tell us that while certain providers are clearly maintaining a strong level of performance – particularly those who appear in the top fours in our overall and all other categories – there has been a drop-off in the scores achieved.
“For instance, the top four brands in the ‘Overall Category’ is exactly the same as it was in H1 2020 but there has been movement. Back then Canada Life came out on top and has since dropped back to third, Legal & General remain in second place, more2life have moved from third to first, and Pure Retirement remain in fourth.
“It’s a similar tale in the Net Promoter overall score category, where out of the top four only Legal & General have posted a better percentage score than in the first half of last year. Indeed, out of the seven individual categories where we have a direct comparison available, there were only five out of 28 top four provider scores which saw an improvement. When we produce the next iteration we will also be able to provide that year-on-year comparison for Online Service as well.
“However, not all year-on-year scores dropped in this Temperature Check, and there has been a notable improvement from those providers who appear in the bottom four places, narrowing the gap between themselves and those in the top four.
“Overall, therefore, we are seeing a much tighter array of scores and this analysis continues to allow us to offer all providers feedback and highlight were advisers clearly think there are positives and areas to potentially work on.
“As always, this ‘Temperature Check’ is not a provider-bashing tool but one that allows us to work with providers to ensure ongoing excellence and that we have a strong relationship which works for both parties.”